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Ifac throws weight behind govt


The International Federation of Accountants (Ifac) has thrown its weight behind the government, pledging to assist in building Zimbabwe’s public sector financial capacity.


Ifac chief executive officer, Fayezul Choudhury yesterday told NewsDay soon after meeting Finance minister Patrick Chinamasa that the international accounting body will build on the past two years’ concepts to create more public sector financial management and accountability.

“Ifac has been working closely with Public Accountants and Auditors Board (Paab) for the last couple of years. We have helped develop the accounting profession in Zimbabwe and helped the profession play the role in strengthening Zimbabwe’s economy. We have worked on a number of concepts in the last two years to create more public sector financial capacity and financial management, so with the new government’s statements on building trust it’s a very good coincidence,” he said.

Paab chairman, Brian Njikizana said his organisation was working on two major projects to professionalise the public sector with support from Ifac.

“With the minister of Finance, there are two major projects that we are undertaking in helping professionalise accountants in the public sector. I am talking about accountants in the health sector, councils, as well as government’s State enterprises. We can better use resources and we can get more value for our money within the public sector,” he said

“The second project which is related to it, has to do with the accounting standards that we apply within the public sector. At the moment, we are using cash accounting. Cash accounting means you just account on what you spend. For example, if your rent is due and you have not spent it, you don’t account for it. There is a framework of standards called International Public Sector Accounting Standards, which the (Finance) minister mentioned about in his budget.”

Ifac officials, who are in the country for two days, were, by yesterday, expected to meet with President Emmerson Mnangagwa over transparency and accountability in the public sector.

“We have the Ifac today and tomorrow and we have been working very closely with them on a number of initiatives, which will assist the country,” Njikizana said.

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